The native stablecoin of self-custody web3 pockets Phantom, Money (CASH), not too long ago surpassed the $100 million mark in provide, per information from Artemis, after debuting on Sept. 30.
CASH provide. Supply: Artemis
The provision acceleration seems pushed by each product design and on-chain incentives. In mid-November, Phantom launched a fee-free “Money Account,” permitting instantaneous financial institution funding, peer-to-peer transfers, and debit-card integration by way of the stablecoin’s issuer, Bridge, and Stripe.
Demand was additionally additional boosted by protocol-level incentives. Kamino, one of many largest liquidity suppliers on Solana, teamed up with Phantom in early October to launch the “CASH Development Initiative,” providing weekly and month-to-month KMNO rewards for lending and borrowing with CASH.
Taken collectively, these activations have resulted within the parabolic progress within the variety of CASH transactions, which spiked to nearly 162,000 on Nov. 25, per Artemis information.
CASH transaction quantity. Supply: Artemis
MetaMask’s MUSD Additionally Hit $100M
In the meantime, fellow web3 pockets MetaMask’s personal stablecoin MetaMask USD (mUSD) — additionally a Bridge-issued, USD-pegged stablecoin backed by short-term U.S. Treasuries and money reserves — briefly broke over a $100 million in provide in early October, in response to Dune Analytics information. Since then, nevertheless, its circulating provide has fallen, and it presently stands at round $25 million.
MetaMask USD’s provide. Supply: Dune Analytics
In contrast to CASH, mUSD, which was additionally launched in September, is just out there on Ethereum and Linea, a Layer 2 community constructed by Consensys, the pockets’s developer.
When requested about mUSD, MetaMask’s Senior Director of Product, Johann Bornman, informed The Defiant that the stablecoin’s provide dropped after its personal “short-term liquidity packages” ended. Bornman additionally famous that the crew is targeted extra on constructing utility for mUSD within the pockets, and fewer on the stablecoin’s short-term provide, including:
“It’s additionally essential to notice that stablecoins come to market with very totally different product construct cycles behind them. Some replicate many months of upstream improvement and iteration previous to launch, whereas MetaMask USD continues to be early in its post-launch lifecycle (roughly 4 months in). That context materially impacts early adoption curves and circulating provide at any given time limit.”
The Defiant reached out to Phantom and Bridge for feedback on CASH’s fast progress in provide and utilization since launch, however hasn’t heard again by press time. Initially launched as a Solana pockets, Phantom now helps a number of networks, together with Ethereum, Sui, and HyperEVM.
